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’Further further reading
For the commute home, where your liquidity should never be abruptly halted,
- Why the growth rate matters.
- The Apollo IPO price to be launched today.
- Free Exchange vs Money Supply.
- Scatterplot du jour.
Bigger is not necessarily better in private equity
Size really does matter — but not how you think it might, according to one view of the private equity world.
As FTfm reports on Monday, new research from the Edhec-Risk Institute, an arm of France’s Edhec Business School,
Snap news
Breaking pre-market news on Wednesday,
- Telefónica strikes €7.5bn deal to buy Vivo from Portugal Telecom — reports.
- Apollo makes revised £10.75 offer per share for Brit Insurance — statement.
Apollo plans NYSE listing
Apollo Management, the US buy-out firm headed by former Drexel Burnham Lambert executive Leon Black, plans to list on the New York Stock Exchange in coming weeks. Apollo, which has $38.3bn in assets under management,
Applegarth to advise Apollo
Adam Applegarth, the former chief executive of Northern Rock, has joined Apollo Global Management as a senior adviser to its European distressed debt fund, becoming the latest fallen corporate boss to seek refuge in private equity.
Private equity groups eye Merill’s Asian businesses
Several firms have expressed an interest in buying the management of Merrill Lynch’s Asian real-estate investment business, including the management of its $4 billion Merrill Lynch Asian Real Estate Opportunity Fund,
Huntsman dispute heads to Texas
The final act in the legal drama over the busted buyout of Huntsman is to start Monday, when the US chemical maker squares off against Credit Suisse and Deutsche Bank in a Texas courtroom, reports the WSJ.
Apollo warns of property ‘black hole’
A “black hole” in the US commercial property market is set to add pressure on troubled banks’ balance sheets, the head of buy-out firm Apollo Management has warned, reports the FT. Leon Black, Apollo’s founder,
Snowball poised for RBS Insurance bid
Patrick Snowball, the former head of Aviva’s UK operations, has teamed up with BC Partners and Apollo Management for a possible bid for Royal Bank of Scotland’s insurance assets, put up for sale last year in a multi-billion pound auction.
Hexion ditches $6.5bn bid for Huntsman
The planned $6.5bn takeover of the US chemicals manufacturer Huntsman was finally abandoned on Monday after Hexion Speciality Chemicals, which is owned by buy-out firm Apollo Management, pulled out of the deal.
Reed Elsevier drops trade magazine sale
Reed Elsevier withdrew its proposed sale of its Reed Business Information trade magazine arm amid deteriorating trading conditions and the subsidiary’s sharply reduced valuation. The RBI sale, one of the few live auctions in the media sector,
Bondholders urged to take investment cut
Heavily indebted companies owned by private equity firms, including Harrah’s Entertainment and Realogy, are asking their bondholders to accept big cuts in the value of their investments or risk falling behind other creditors in getting repaid.
UK’s Paragon hit as it rejects £373m offer
Paragon, the buy-to-let mortgage lender, has rejected a £373m takeover proposal from a private equity group and abandoned talks with other potential bidders, triggering a 15% fall in its share price. Nigel Terrington,
Apollo takes hit on Harrah’s
US buyout firm Apollo Management firm is prettying itself up for a New York listing but is doing so while embroiled in a legal fight with spurned buyout target Huntsman Corp and struggling with the poor performance of a number of portfolio companies in its cornerstone buyout business,
Apollo set to invest in C&R portfolio
Apollo Real Estate Advisors, the private equity fund manager, is to invest into Capital & Regional’s €668m (£524m) German business as the property group continues to stabilise its financial position.
Private equity takes on $8bn in RBS loans
Royal Bank of Scotland is selling to US buyout firms Apollo, GSO Capital, Blackstone and TPG as much as $8bn in loans made to finance acquisitions by private-equity firms, highlighting their transformation into investors in deeply discounted debt as they purchase more leveraged buy-out financing from banks.
Huntsman countersues Apollo
Huntsman Corporation, the chemicals group sued by prospective suitor Apollo Management last week, drew its own legal sword on Monday and countersued the private equity firm, along with its partners Leon Black and Joshua Harris,
Huntsman seeks closure on takeover deal
Huntsman, the US chemicals group, said Thursday it would fight to complete its $6.5bn agreement to be taken over by Apollo Management’s Hexion Specialty Chemicals. Apollo and Hexion have filed suit over what they claimed were poor financial results at Huntsman that could make the combined company insolvent.
Hexion deal for Huntsman teeters
The $6.5bn leveraged buyout of US chemical maker Huntsman Corp was on the verge of collapse on Wednesday after private equity firm Apollo said bank financing for the deal was in jeopardy due to Huntsman’s current financial condition,
Apollo company halts cash payouts
A fourth company owned by private equity firm Apollo Management has exercised its option to suspend cash payments on part of its debt, taking advantage of one of the most controversial financing techniques of the leveraged buy-out boom.
Blackstone, Apollo in talks with Chemtura
Blackstone Group and Apollo Management are in talks to buy Chemtura, a US manufacturer and marketer of speciality chemicals, in what would be one of the largest US buy-outs this year. The two buy-out groups,
Apollo targets European property debt
Apollo Real Estate Advisors, the private equity fund manager, has created a European commercial property debt business to take advantage of the distress among lenders to the sector. The US real estate investor has acquired a new European team and is raising a fund of up to $1bn to originate its own loans and to buy deeply discounted property debt from banks.
Further reading
Elsewhere this morning,
- Investment banks may be abusing the money they are borrowing from the Federal Reserve’s discount window in order to issue dividends, said a top House Democrat.
- “The rating agencies are at the vortex of the storm…
Apollo to push ahead with IPO launch
Apollo Management has filed plans for an IPO that would allow the private equity group’s founders to unlock billions of dollars in value, in a move that comes at a difficult time for the buy-out industry.
Leveraged loan clearout, Citi edition
Following in Lehman’s footsteps? More questions than answers are raised by the news that Citi is shifting $12bn in leveraged loans to a group of private equity firms.
The proposal is ostensibly a scaled-up version of Citi’s October plan to shift $10bn of LBO debt in a joint venture with KKR.
Citi in $12bn loan sale to private equity
Citigroup is nearing a deal to sell $12bn in leveraged loans at a discount to a group of leading private equity firms, marking another step in chief executive Vikram Pandit’s efforts to shrink Citi’s balance sheet.
Private equity funds in marketing blitz
Private equity funds are responding to harder times with sharper-edged marketing strategies that feature comparisons to differentiate – and elevate – themselves from their competitors. Such campaigns have been on display recently as firms including KKR and Apollo have tried to reassure investors worried about the impact of credit market turmoil on the LBO business.
Loan market reels after Harrah’s upset
The leveraged loan market is beginning the week in “disarray” following the collapse of efforts to syndicate $14bn of the debt used to finance the $27.8bn buy-out of Harrah’s Entertainment, bankers say.
Rivals for Jaguar await Ford verdict
The three groups vying to buy Jaguar and Land Rover expect to hear from Ford Motor with its choice of a preferred bidder for the two carmakers in the next two days, although the complex deal could be further postponed.